Lagos GDP Soars, RMAFC Seeks to Replicate Lagos’ Success in Other States

The Revenue Mobilisation Allocation and Finance Committee (RMAFC) has called on other states of the federation to emulate best practices to replicate Lagos State’s performance in internally generated revenue collection. The RMAFC made the call to other states during an exploratory visit to Lagos House, Ikeja on Tuesday.
During the visit, the state Treasurer, Mr. Abayomi Oluyomi, reiterated that the state has achieved significant milestones in internal revenue collection, with the same increasing by 70 percent in the last five years.
Oluyomi highlighted the state’s initiatives such as revenue courts, ICT-enabled payments and collections, and the newly launched Lagos Revenue Platform.

The Federal Commissioner representing Kwara State and member of the Mobilisation and Diversification Committee of the RMAFC, Alhaji Ismail Agaka, who led the delegation, commended Lagos State for its fiscal strength and fiscal management. He commended Lagos State for its economic growth, noting that its Gross Domestic Product has increased from 27 trillion to 41 trillion in five years, as well as RMAFC’s willingness to learn from the state’s best practices and advise other states.
“Lagos is a trailblazer when it comes to financial strength and also the fiscal economy. So that’s why we’re here,” he said.
Mr. Agaka stressed the committee’s objective to work with Lagos State and identify areas where it has demonstrated outstanding performance.
“We know there are areas where Lagos State has really shown itself to be a trailblazer. So based on what we know, vis-a-vis what is now present, to be able to come to a conclusion as to how well Lagos is faring,” he said.
Agaka stressed the importance of learning from Lagos State’s best practices and advising other states.
“When we talk about best practices, it’s to see what is working very well here, so as to advise others that look. Make Lagos State a role model for you in this specific area,” he said.

The Lagos Finance Commissioner said he was “We are grateful for the support and collaboration of our partners at the federal level, which has enabled us to achieve this feat. IGR is the mainstay of Lagos, and we remain committed to driving revenue growth through innovative initiatives.
“We have found a strategic ally in RMAFC and are excited to showcase our projects, which will catalyze transformation and enhance the quality of life for our citizens.”
The Commissioner stressed the importance of teamwork and commended the RMAFC team for their dedicated efforts in supporting IGR’s growth in Lagos State.
We look forward to fruitful discussions and meaningful engagement to bring our shared vision to fruition,” he said.
He also added that Lagos State is in the midst of transforming its fiscal landscape by reducing its reliance on federal allocations, focusing on strategic capacity building, and leveraging funds from international and federal sources.
Oluyomi explained, “The reason why this committee was put together as part of RAMFAC is to go from state to state, to help them on how they can diversify their base so that they will not depend entirely on federal allocation.”
Furthermore, Oluyomi also addressed the challenge of high interest rates on loans from commercial banks that hinder business growth. He stressed that RAMFAC’s support will help them access low-interest loans, which are crucial to spur development.
The moment we have that funding, that funding can catalyze our people, it can catalyze a lot of businesses,” he said.